政府创业投资:内涵特征、影响效应与未来展望

Government Venture Capital:Connotation Characteristics,Impacts,and Future Prospects

政府创业投资是中央或地方各级政府管理或支持的风险投资基金对创业企业进行的股权投资,旨在推动创新创业活动、服务地方经济发展。广义上,政府为推动创业投资发展而颁布的支持性政策也纳入政府创投的范畴。随着“补改投”政策的实施,政府创业投资实践快速发展,并成为创业投资生态系统中的重要角色。本文在阐述政府创投内涵及特征的基础上,按照“作用机制→影响效应←边界条件”的整合性分析框架,围绕政府创投的影响效应、作用机制和边界条件三个部分进行述评,提炼出政府创投发挥效应的一般规律。未来的研究拓展需要关注政府创投的跨层次影响效应、政府创投与其他类型创投的联合投资效应、影响效应的边界条件以及中国情境下的政府创投等。通过梳理政府创投效应的理论机制和实践效应,为推动政府创投的实践发展提供经验证据。

With the booming practice of government venture capital(GVC),the research on GVC has attracted the attention of scholars at home and abroad.However,the current research is still relatively scattered,especially,the impacts and mechanisms of GVC are still unclear.The systematic analysis of the impacts of GVC is helpful to clarify the theoretical basis and mechanisms,and thus promote the practical development of venture capital.Based on mainstream English databases(e.g.,Web of Science)and CNKI,the research scope of 93 literatures is determined.According to the integrated analysis framework of“mechanisms→impacts←boundary conditions”,this paper sorts out and integrates the knowledge of the impacts of GVC field.This paper proposes the general rule of GVC functions:Based on political missions and financial demands,GVC screens out and invests in ventures.GVC's support reflects the“national will”and affects the financing activities of ventures,investment activities of private venture capital(PVC),and regional development directions.The capital and political resources of GVC help to exert the nurturing effect,thus affecting the ventures'growth,innovation,and successful exit.The syndication of GVC and PVC has different effects based on different theoretical bases.According to the complementary assets theory,the complementarity of resources is conducive to the cooperation between the two sides and plays a synergistic role;according to the agency theory,the inconsistency of goals easily leads to conflicts and competition between the two sides.Due to the heterogeneity of investors,ventures,and environmental factors,GVC has significant differences in exerting its effect.The expansion directions of future impacts include that:To conduct cross-level research;to pay attention to the impacts of syndication;to explore the potential impacts;to analyze the impacts based on the qualitative comparative analysis method;and to expand the boundary conditions.The expansion directions related to the Chinese context are that:To explore the mechanisms and impacts of GVC from the perspective of agency theory;and to explore the design of GVC practice rooted in the institutional background of China.The main contributions of this paper are as follows:First,it demonstrates the uniqueness of GVC.Second,it deepens the analysis of relevant theoretical basis,mechanisms,and boundary conditions.In addition,considering the strategic significance of GVC to regional development,it supplements the impacts of GVC on the regional level.Third,based on the uniqueness of the Chinese context and the GVC impact research,it proposes future research directions.